The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...

Most of countries have been badly affected by the tremendous global financial crisis and economic downturn happening recently. It is really difficult to predict the timing and magnitude of events caused by the global economic crises, the effects of the crisis vary from country to country. It has...

The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...